Theodosian Capital | Stocks Update 14/11/2025 - DCC – Solid interims; tender in December
DCC.L (earnings): Solid H1 results, divesting Healthcare & Tech divisions (US Tech by end-2026), £600m tender offer Dec completion. Energy division hit by mild weather & HK/Macau sale. FCF improved to £24m vs -£16m, 95% conversion. M&A appetite rising in fragmented energy market. 5% DPS increase to 69.5p. Trades 9.9x FY27 EPS, 4.5% yield.
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